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New Market Tax Credit for your project in the works?

New Market Tax Credit allocation for 2008, 2009 and 2010

The Michigan Magnet Fund is process of preparing an application for a new market tax credit allocation to be received by the 3^rd quarter of 2008. As part of the application, they need to demonstrate that Michigan has a pipeline of projects that exceeds the NMTC allocation being requested.

We need to locate possible projects around the state in both urban AND rural areas that will close in the 4^th quarter of 2008, in 2009, or 2010.

(Remember, these are projects that will take at least 10 to 36 months from today to close. Some can be in the concept phase. Working with the CDCs, the Michigan Magnet Fund may be able to help transform the project into something concrete.)

Please send the information listed in the table below to Angie.

Name of Transaction

Total Project Cost

Amount of NMTC financing

Projected Closing Date

Address

Census Tract

Or, if you would like to discuss the details of the NMTC and see if your project could be applicable, please join a conference call THIS FRIDAY at 1:30pm with Al Bogdan from the Michigan Magnet Fund.

Conference Call: (605) 772-3210, access code 348-752-636

Al has made a powerpoint presentation available with details and is interested in talking with CEDAM members about their projects that they have in the pipeline.

Your project can be included in several applications, so if you have it identified as a project in another application, you can still join the call and/or send Angie the information.

NOTE: Giving us your project does not guarantee that it will get funded - what it will do is permit us to obtain the NMTC so we have the funds to consider your application. The Michigan Magnet Fund's underwriting criteria will continue to apply.

Please contact Angie Gaabo at 517-485-3588 for more information.

Compliments of CEDAM